Important Bankruptcy Information Required By Law

Section 527(a)(2) of the U.S. Bankruptcy Code requires certain important information to be disclosed to every potential consumer bankruptcy client. I think it’s pretty useful, so I’ve chosen to put it here on my website for you to read.

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All information that you are required to provide with a petition and thereafter during a case under the Bankruptcy Code is required to be complete, accurate, and truthful.

All assets and all liabilities are required to be completely and accurately disclosed in the documents filed to commence the case. Some places in the Bankruptcy Code require that you list the replacement value of each asset. This must be the replacement value of the property at the date of filing the petition, without deducting for costs of sale or marketing, established after a reasonable inquiry. For property acquired for personal, family, or household use, replacement value means the price a retail merchant would charge for property of that kind, considering the age and condition of the property.

The following information, which also appears on Official Form 22, Statement of Current Monthly Income that gets filed in every case, is required to be stated after reasonable inquiry: current monthly income, the expense amounts specified in section 707(b)(2) and, in a case under chapter 13 of the Bankruptcy Code, disposable income (determined in accordance with section 707(b)(2)).

Information that you provide during your case which is not attorney-privileged may be audited pursuant to provisions of the Bankruptcy Code. Failure to provide such information may result in dismissal of the case under this title or other sanction, including criminal sanctions.

A person who knowingly and fraudulently conceals assets or makes a false oath in connection with a case under the Bankruptcy Code shall be subject to fine, imprisonment, or both.

All information supplied by a debtor in connection with a case under the Bankruptcy Code which is not attorney-privileged is subject to examination by the Attorney General of the United States.

Confused? Don’t worry ‑ one of the reasons you need to hire an experienced bankruptcy lawyer for your case is to be sure that you choose the right type of bankruptcy for your situation. All you need to do is contact me for a consultation to talk about your problems and whether bankruptcy is right for you.

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